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EMD is charged at the rate of 2% of the total estimated value of the stores required which should be calculated taking into account all the components subject to a maximum of Rs. 5 lakhs. The exact amount of EMD should be mentioned in the NIT and tender document.
In general, a standard tender invitation comes with the following elements: Basic information about the tender inviting authority/organization, Tender ID and reference number, type of tender and work, due dates etc. Details on tender documents and preparation and submission of tender.
Earnest money protects the seller if the buyer backs out. It's typically around 1 ? 3% of the sale price and is held in an escrow account until the deal is complete.
Take note of all important dates, special requirements, and terms and conditions. Use design elements when filling the proposal to make it visually appealing (e.g., graphs, charts, infographics etc.) Get your bid proposal reviewed to ensure that no important detail is missed.
A tender is an offer to do or perform an act which the party offering, is bound to perform to the party to whom the offer is made. A tender may be of money or of specific articles; these will be separately considered.